Regulating the Accountancy Profession: An Examination of the Regulatory framework for the Accountancy Profession in Zimbabwe

Abstract

The accountancy profession in Zimbabwe has been evolving for the past three decades. The past two decades witnessed regulatory framework changes leading to the setting of a regulatory body under the Public Accountants and Auditors Board (PAAB) through a statutory instrument of Parliament (PAA Act: 27:12). This research paper examines potential regulatory gaps that may exist in the framework, structural setting and legal instrument governing PAAB with the aim to establish evidence to support future developments in the accounting profession in Zimbabwe. The research conducted a desk review of legal instruments and organisational documents. Further, a narrative enquiry was explored with audit firms and professional accountants in Zimbabwe. The findings show that despite the progressive regulatory framework developments, there are gaps in the structural setting, framework and regulatory instruments governing the accounting profession in Zimbabwe. The findings show that the regulatory framework is predominantly private sector orientated and there is limited inclusion of the public sector and the no-for-profit sectors in framework and structural setting of PAAB.